Dr. Strange(looking) or How I Learned to Stop Worrying and Love the Indian Entrepreneur

Although I have just "Left the Corporate” so to speak, it is interesting to speak with friends of mine who are still in the business of investing.  I can already see a difference in perspectives on how to approach "investing” (both in terms of time and money) . . . . Financial hilarity ensues (for those of you who do not get it, don’t worry, you are probably not financially savvy!):

 

Azeem: So here are the 8 ideas I have, 3 of them I am more serious about; think service businesses focusing on a transfer of knowledge . . . you know, consulting.  I need cash dude!

 

Joe: Ummm, none of those ideas are scalable . . . i would never invest

 

Azeem: I need cash!  I don’t care if they are scalable, I can figure out how to expand the business model later.  Baby steps!

 

Joe: Look, just build me a scalable idea and then spend all your savings and max out your credit card debt for the next two years until you hit it big . . . that’s how the Americans do it!

 

Azeem: Worst advice ever. I don’t want to gamble away my ENTIRE savings (which, incidentally is small anyways)

 

Joe: You’re so Indian

 

And finally . . . . do you get the title now?  The title is a parody of Dr. Strangelove??? Come on people!

Scared, Frustrated, Lazy – Focus on the SMALL Picture

I am scared, frustrated, lazy. I have no job, no cash flow, and no confidence in my ability to build my own business. While I have no dearth of ideas, achieving / building my own company to the place where it would match my idea / conception would take years!

 

What I need to do, I think, is focus on the SMALL picture, i.e. the first step, the first cashflow, the first client / customer. I have never built a business completely on my own and I need the confidence of some cash in the door before I can scale up and build the big businesses I want to.

Don’t worry though, just because I feel like *$%@ it doesn’t mean I’ll go back to the corporate!

5 Weeks Later – Summer Camp was a Success!

As a quick refresher, after I left NSR I spent a month in Mumbai doing my own version of a summer camp and then spent 5 weeks running around the US visiting everyone I know and attending some important life-events (weddings, reunions, etc) . . . . . you can catch up here and here

 

During my five week – and I hesitate to say this – vacation, I made pretty good use of 3 out of the 5 “lessons” from my Summer Camp.  To clarify, “using” a lesson means not only practicing or playing, but also talking about – is in cocktail party faire.  Leaving India directly after Summer Camp made it tough to actually execute on all the lessons.

 

Yoga was by far the skill that I used the most – both by practicing and in discussion.  I used Yoga routines in the place of a regular aerobic / weight lifting gym routine.  Since you can do Yoga almost anywhere, it is much easier to workout “on the road.”  It also makes a great topic of conversation! 

 

I unfortunately did not have a chance to go sailing or play a game of bridge during my travels but knowledge of both were great conversation topics and helped make a connection with some great people.

As for cooking and Hindi, both were utterly unused during my foray.  I had no opportunity (nor did I want to) cook a meal and obviously it would be tough to speak Hindi with people who do not understand it.

 

So it seems that I have some traction with at least 4 of the skills I tried to learn (Hindi is a given) even during a 5 week hiatus.  I would say that Summer Camp was a resounding success. 

Welcome Back (to the grind?)!

For those of you who did not know, I have been on a whirlwind tour of in the U.S. for the past five weeks visiting friends, relatives and former colleagues as well as attending a wedding and my 5th year college reunion.  I’m back in Bombay (finally!) and will post on a regular basis from now on . . . . .

I have to say that while I was looking forward to a relaxing vacation, I came back far more exhausted then when I left.  Spending three days per city over the course of five weeks is tiring!  In each city I had scheduled up to five meetings a day to catch up with friends.  Additionally, I was able to meet some new friends along the way – people who have done interesting things with their lives (both inside and outside “the corporate”). 

So I’m back!  Look forward to more posts from me soon . . . .

Adios for Now - I'll Be Back in a Month

To all of my loyal readers (maybe 3??). I'm off to the U.S. for 5 grueling and fun weeks of visiting friends, attending weddings and my 5th year college reunion . . . .

What does this mean? It means that I probably won't be posting for the next month or so. I'm sure i'll have some delicious stories when I get back so stay tuned . . . . .

“What do you do?”

Whether I am at a business networking event or just hanging out with my friends at a bar, somebody (or everybody) will always ask me a scary and sometimes boring question - “What do you do?” 

 

This kind of question generally comes at the beginning of a conversation with a new person or at a lull in an ongoing conversation.  It is both a way for somebody to get some context as well as find something familiar to talk about so the conversation can continue.  Personally, I like to ask ridiculous questions like - “What is your SECOND-most passion in life?” 

 

Now if somebody asks me “what do you do?”  I tell them exactly what I am currently doing – “I’m retired” or “I’m searching for my soul” (those of you that know me understand why I can’t put my most favorite and third answer on this blog!).  Generally the shock value of these statements is completely worth quitting my job over.  What I am trying to do is create an answer that engages people in conversation and makes me the center of attention (which I really like).  Most people I talk to think I’m lucky or want to know how/why. 

 

The bottom line is – when you are having a conversation with somebody and are trying to keep them engaged.  Don’t follow the standard patterns of conversation (“what do you do?”) but try to talk about something you are passionate about!

Honesty IS the Best Policy (except . . . . . )

Here is a great article that everyone should read.  John Loeb is spot on.  I want to dive a little bit further into his “rule no. 9:” “A reputation for fair and honest dealing will be your greatest asset.”  While I might not always follow “rule no. 9,” I am generally very honest with people in my personal and professional relationships.  BUT, I find that this honesty gets me into trouble sometimes . . . .

 

The reason I get into trouble is that I have a tendency to be bluntly honest.  I say the EXACT truth instead of using strategies to mitigate the harshness of my honesty.  Like any good Management Consultant, my father has tried to teach me two ways to avoid getting myself into trouble when speaking the truth:

1. Change the tone of the discussion (i.e. say “that isn’t quite right” vs. “YOU are wrong”)
2. Wait a day before making the comment – you will generally think over the statement or situation and be able to approach it in a more constructive way vs. an accusatory way

 

I have noticed that in my personal life, being bluntly honest should be mitigated with the above two techniques because individuals tend to be more sensitive to their friend’s opinions (especially women – please please I know I'm generalizing so don’t get mad!).  On the professional side, though, I have gained a lot of long-term good will from telling the precise truth, no matter how much it hurts.  People will trust that I am giving them my full opinion instead of skirting around an issue or flat-out lying.  Over the course of my career at NSR I definitely raised a lot of hell about certain issues I didn’t agree with but my relationship with my former colleagues actually grew rather then suffer.  In fact, even if there was some sort of professional issue, my personal relationship with my colleague’s did not suffer – i.e. no awkwardness in grabbing some drinks even if we were in the middle of a professional spat.  I think my father still finds this astounding because he knows how blunt I can be!  My advice is to develop a reputation for blunt honestly so that people expect it. 

Follow Up on Information Sharing and Networking in India

I have received some interesting comments in response to my take on networking and information sharing in India . . . .

 

Nitin Sacheti, a former Uchicago classmate of mine, says:

there’s definitely a smaller circle in India amongst which people more freely share ideas but I think the difference in comfort levels in sharing ideas is solely a function of the number of capital allocators in the financial world of a particular country. I think that if you look at it on a size basis---IE look at the total number of people in india that are in the 2-3 degree base and compare that to the same number of people in the US that are at the top of the financial stratosphere, you’ll see that information is just as easily disseminated, but the difference is in the US, it’s a lot harder to break into that small group of people bc it’s so much wealthier and older. I also think that because of the stricter government regulations and easier monitoring of the financial markets in the US, it makes people more guarded with information. I find that when many people who work for large public cos, find that I work for a hedge fund, they are much more guarded about work stories bc there’s a more concrete risk/consequence to sharing information so openly—ala Sarbanes oxley.

 

I fully agree with Nitin – SarbOx and the culture of litigation makes American business-types more likely to restrict information sharing.  Furthermore, it is much easier to break into the financial / business community in India.  I should say, though, that my aggressive personality does help – i.e. I have no qualms in repeatedly sending people emails until I get a meeting.  At NSR and even with my parents sometimes, I send emails with “PLEASE READ AND RESPOND” tagged on to the end of the subject line. 

 

Ravi Gurnani, a good friend and winetrepreneur, says:

try sharing or getting some information out of the any govt departments.. extracting info from the authorities is like drawing water out of a stone.. thats when you realise its the extreme opposite to this scenario

 

With my minimal amount of experience at dealing with the Indian government, I would have to agree.  If you have a personal relationship (or are able to build a personal relationship) with these officials, though, I would imagine that extracting information would be easier. 

Impossible is Nothing? and other Irrelevant Questions that Add Absolutely No Value

The last portion of this Seth Godin blog post talks about the two types of questions encountered at a meeting:

1. Questions designed to honestly elicit more information
2. Questions designed to demonstrate how much you know or your position on an issue and to put the answerer on the defensive

 

I think that Investment Bankers are bred to ask the second question and furthermore, the “CYA” (cover your ass) mentality is drilled into you from the moment you start as an analyst or associate at any investment bank.  That was the state I was in before I quit banking and ultimately ended up in Private Equity – I didn’t even know that being curious could add value!  I very quickly learned from the NSR founding partners that “question number 2” and the general CYA mentality would not take me very far.  Ironically, it really was our former Mckinsey senior associates who helped me fully understand how to add-value with questions rather then demonstrate knowledge.  I say ironically because I found myself doing a bit of “CYA” towards the end of my tenure at NSR – obviously because once I decided to leave, my motivation level wasn’t all there (see!  that is typical CYA).  Truth be told, if you are generally interested in a subject or a project you will likely find yourself naturally more curious and willing to “dive deeper” to gain more knowledge.  I’m just going to have to find something that I truly love doing to completely get rid of this banker mentality!

How to Get Information in India (or Why India is Better than the U.S.)

Getting important and relevant information that I require (both personally and professionally) in India is much easier then getting it in the U.S.  A lot of information can be found from a Google search but to make it contextually relevant you generally require someone’s opinion – and one that you trust.  I have found that getting in touch with these “experts” and getting information from them is very very easy in India.

 

Let me preface this post by making two comments.  When I refer to professional and social networks I am referring those in a specific strata of society – people who generally make what a NYC professional would make (no, not a banker) or live that lifestyle due to family wealth.  There just aren’t that many people making / having that much money in India.  Secondly, I am making generalizations to make a point but there are a lot of exceptions to the rule (not enough that I can’t make the generalization). 

 

So this group of people who don’t have any problem with money are a small group that tend to socialize and do business with each other.  This makes for a very small very interconnected network.  The law of “six degrees of separation” becomes three at a maximum!  It also creates an environment where it is very easy to reach people who have the knowledge that you are seeking – all it takes is a few phone calls.   

 

The small network of people who are very interconnected is a large part of why information is disseminated so fast and effectively in India but is by no means the only one.  I have found that the concept of “networking” – who you know and who you can connect to each other – commands a high amount of value in relationships in India.  You can win a lot of business by knowing the right people vs. having the best product (I know, this is a BIG generalization).  Furthermore, Indians in this strata of society are less guarded with their opinions and much more open to talking about themselves and their businesses – as compared to Americans.  I have found that as soon as you demonstrate some small piece of knowledge on a relevant topic, the person you are trying to get information from will find your knowledge gratifying and really “open up.”

 

From learning about some random scoring system in Bridge to the number of telecom towers a small independent tower company has, I can get the information more quickly and with a lot more accuracy than I was able to in the U.S.  The real dent in my argument is that I have been out of the U.S. for three years and have also grown personally and professionally.  Well, I'm going back next month for a one month trip . . . Let’s see what I think when I get back . . . . .